Ion Mobility, Singapore's EV motorcycle startup, bags seed finance for launch in Indonesia
The company plans to launch its first EV motorbike.
Singapore-based smart electric motorbike startup Ion Mobility said it has raised US$3.3 million in seed funding to launch its products across Southeast Asia, starting with Indonesia.
Notable investors in the round include Monk’s Hill Ventures, TNB Aura, Village Global, 500 Startups’ Southeast Asia-focused 500 Durians fund, an AngelCentral syndicate, KipleX, and Seeds Capital, according to a statement.
The company said it plans to launch its first EV motorbike in Indonesia by next year. It also aims to expand its workforce and operations in Singapore, Jakarta, and Shenzhen.
In addition to launching its electric motorbikes, Ion Mobility looks to use the new funds to further expand its market presence and develop its R&D, supply chain, and manufacturing capabilities.
According to a Statista report, Indonesia alone had roughly 115 million motorcycles in use in 2018, which was about half of its total population that year. Another report showed that both Thailand and the Philippines logged over 1.7 million motorcycle and scooter sales in 2019.
“The market opportunity for the motorbike industry in Southeast Asia is expected to hit US$8.53 billion by 2023. Ion Mobility enters the market focusing on Indonesia which has one of the biggest motorbike markets globally, with 2019 motorcycle sales in Indonesia at 6.38 million units a year,” the company said in a statement.
Founded just last year, Ion Mobility aims to create more sustainable and affordable mobility alternatives for Southeast Asia’s large population of motorbike users.
See Also: Bringing electric motorbikes to Southeast Asia’s masses
The startup was co-founded by James Chan – a seasoned tech venture capitalist and the entrepreneur who co-founded Neoteny Labs, Silicon Straits, and Wecash – and Joel Chang, an automotive industry veteran from global EV brand Scorpio Electric.\